I want to invest in real estate but I can't afford a down payment

The average home price in Vancouver BC is around $800,000. A 20% down payment equals $160,000. I can't afford that at the moment. It seems conventional financing may not be a viable option for me.

Is there any other way of investing in real estate?

I've heard of lease options. Have any you tried this?

Thanks

 

Don't you Canucks have any govt programs for lower DP?

https://www.ratespy.com/down-payment-assistance-programs-across-canada-11264394

 

Thanks for the link, I'll check it out I haven't heard of down payment assistance for investment properties.

 

I checked out the website and it turns out B.C. ended its Home Owner Mortgage and Equity Partnership in 2018. It has no down payment assistance programs any more.

 

Your best bet would be a hard money lender. I think they are called MIC's in Canada

https://www.alexisassadi.net/2015/09/08/list-of-mics-in-canada/

https://www.biggerpockets.com/forums/90/topics/778700-best-hard-money-lenders-in-canada

 

Thanks Arnie, I'll check it out

 

%%
That can work/but any options tend to be overpriced.
IF that was me; try shopping 30-120 minutes from city limits.Some CA/usa real estate has the same problem;
but fires,
gov regs,
too many taxes,
goofy gov,
drought,
wild fires are helping buyers/in some areas...……………………………………………………………………….
Rent is money down the drain
exits/ moving vans

 

As of Feb 2021 the average home price in Vancouver BC is now $1,279,660 and median days on market for a home is only 24 days. That's a big increase in 6 months.

You can consider a mortgage broker and private lender - they will be more flexible on the down payment and employment situation but the interest rate will be higher. Usually it's a 1 year term amortized over 30 years, interest payments only. That gives you 1 year to arrange a mortgage through a bank - the private lender will renew for another year if necessary.

 

%%
Or move out more;
less regs + better neighborhood...................................................................

 

The problem for the OP is Vancouver is shit further you get from the core. I have seen it and it is not inner city Detroit or SF. 2 hours out and you are in buttfuck nowhere.

You should stick to commenting on things you know about.